notice-of-data-security-incident Financial Institution Related Topics 
True Accord
JUNE 29, 2023
In today’s financial landscape, regulators at both the federal and state level are driving accountability for companies when it comes to data protection and security. Failure to implement these best practices can result in a security incident or worse, a data breach.
Burr Forman
DECEMBER 10, 2021
Have you cataloged all the data you collect and where it is stored so that you can determine whose information is impacted by a breach? In most cases, substitute notice requires notification to be placed prominently on your website as well as distributed through the media, in print, on television, and/or by radio.
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Troutman Sanders
FEBRUARY 14, 2022
On January 13, Him Das, the acting head of the Financial Crimes Enforcement Network (FinCEN), highlighted ransomware as a chief national security risk. To this end, the agency recently issued two Notices of Proposed Rulemaking, the first on December 7, 2021 and the second on January 24, 2022. What is a BOI?
Troutman Sanders
MARCH 8, 2021
On March 5, the Federal Reserve Board clarified guidance relating to definitions for minority depository institutions (MDIs), expanded the MDI definition to include women-owned financial institutions, and highlighted resources available to MDIs through its Partnership for Progress program. Senate passed a $1.9 On March 5, U.S.
Nexa Collect
NOVEMBER 26, 2022
As per FTC, starting June 9, 2023 all collection agencies will be treated as financial institutions. This means all collection agencies must secure consumer data nearly the same way as banks. GLBA covers your employees and even your vendors that have access to your data. Handling savings.
Troutman Sanders
FEBRUARY 26, 2024
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week: Federal Activities State Activities Federal Activities: On February 26, CoinSpeaker reported that in May, the U.S. For more information, click here.
Burr Forman
JUNE 11, 2021
There were 2,474 ransomware incidents reported to IC3; the number of ransomware attacks is likely much higher as many victims do not report them to IC3. Each year, the Internet Crime Complaint Center ( “IC3” ) of the Federal Bureau of Investigation publishes its Internet Crime Report. Regular Backups. All backups should be tested regularly.
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